US-based agri-tech giant Corteva Agriscience has announced the commercial launch of its biologicals business in China, the first of its kind in the Asia Pacific region according to a recent meeting in Shanghai.
Biologicals is an eco-friendly alternative to chemical pesticides and fertilizers. Amid the sustainable agriculture transformation, it is witnessing rapidly growing market opportunities.
Corteva estimates that global market size will reach US$30 billion by 2035, representing 20 to 25 percent of the overall market by then.
In China, it is expected to grow from 15 billion yuan ($2.07 billion) in 2022 to 33.09 billion yuan by 2027, with an average annual compound growth rate of 17.1 percent, exceeding the global level, according to the China Biopesticide Industry Report released in March.
“China is one of Corteva’s biggest crop protection markets. We started the biologicals business in China because we see its great market potentials and want to contribute to its sustainable agricultural transformation,” said Zheng Ziqin, president of Corteva Agriscience China.